10 Tips for Buying a First Home

Buying your own home is a dream that keeps them motivated to work every day. Why not? The house is a reflection of the safety, security, and wealth. Buying a home can be quite an emotional process.

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  1. Time

Property prices rise and fall, and it is influenced by many things, including supply, demand, and general economic conditions. The right time to buy a home is when property prices fell. If you find that property prices are currently high, but you expect prices to fall a year or two years ahead for the new government policy, then you might want to hold a moment of your purchase and take more time to add to the savings, so you can pay more to advance future home.

  1. Ask the neighbors

Nobody knows somewhere better than people who have lived there all their lives. Asked the owner of another house in the location that you like can give input information such as whether the situation in the area. Whether the area is free of flooding? At once the security situation in the neighborhood. It also helps you to build a good relationship with the new neighbors if you later decide to buy the house.

  1. Long-term plan property

Typically, the property you buy is for permanent residence you, but if you are thinking about long-term plans? If you have plans to sell it in the future, the location of the property will have a huge impact in the valuation price. Give serious consideration when choosing sites.

  1. Size is important

When the house is spacious so your dream, please keep in mind that the size of the larger impact of higher prices. If faced with the choice of two prices on the same property where one wider than the other, would be very tempting to take property that is more spacious, and in many cases it would be a smart move. However, the broader property will spend more care price and you will face a monthly maintenance fee is more expensive as well.

  1. Demand for rental property

If you are planning to buy a house and for rent, property leasing demand study. Even when rental demand is high, do not expect someone would rent your property quickly.

  1. The Home Ownership Program of the Government

There are some government programs aimed at helping people to own their own homes. Do some research and see where that goes in your qualifications.

  1. Compare home loans

Many buyers who are planning to take out a home loan in the Bank that they have long known. But, with so many banks offer home loans, you can save a lot of money on interest payments if you take the time to compare different offers housing loans.

  1. Inflation

Note the inflation trend to see if the long-term housing loans (eg housing loans 30 years) is more beneficial than short-term housing loans. It can make you more efficient in paying interest. If inflation is high, the amount of the loan you would pay in later years could be worth less than what is visible in the current assessment.

  1. Build an Emergency Fund

Have an emergency fund becomes important when you buy a home. You’ll need a way to cover the monthly mortgage payments if you suddenly lost a major source of income. Your emergency fund should be enough to cover several months of mortgage payments, including household funds until you can find a new job.

  1. The budget for additional funds when buying a home

You may be too focused on property prices and forget about other related funds. There are legal fees and taxes to be paid. You also have to pay a commission agent help you buy the house.

Just like when making other important decisions, do not let yourself be carried away by emotion as a home buyer for the first time. Think carefully, learn all you can, and consider all your options, especially when it comes to offer housing loans. A clear mind and patience will make you able to make the right decision in choosing a home and its benefits in the long term.

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